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PARRIS N. GLENDENING, Governor
Ch. 111
Article - State Government
10-616.
(N) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, A CUSTODIAN
SHALL DENY INSPECTION OF ANY RECORD DISCLOSING THE NAME OF A
PURCHASER OR QUALIFIED BENEFICIARY OF A PREPAID TUITION HIGHER
EDUCATION INVESTMENT CONTRACT UNDER TITLE 18, SUBTITLE 19 OF THE
EDUCATION ARTICLE
(2) A CUSTODIAN:
(I) SHALL PERMIT INSPECTION BY A PERSON IN INTEREST; AND
(II) MAY RELEASE INFORMATION TO AN ELIGIBLE INSTITUTION
DESIGNATED IN A PREPAID TUITION HIGHER EDUCATION INVESTMENT CONTRACT
IN ACCORDANCE WITH REGULATIONS OF THE MARYLAND PREPAID TUITION
HIGHER EDUCATION INVESTMENT PROGRAM BOARD.
SECTION 2. AND BE IT FURTHER ENACTED, That, for Fiscal Year 1998,
the Governor shall include in the State budget an appropriation for the Maryland Prepaid
Tuition Program for the administrative and start-up costs for the Maryland Prepaid
Tuition Program. Higher Education Investment Program for the administrative and
start-up costs for the Maryland Higher Education Investment Program.
SECTION 3. AND BE IT FURTHER ENACTED, That the terms of the initial
public members of the Maryland Prepaid Tuition Higher Education Investment Program
Board shall expire as follows:
(1) one member in 2000;
(2) one member in 2001;
(3) one member in 2002; and
(4) one member in 2003.
SECTION 4. AND BE IT FURTHER ENACTED, That, before establishing the
program of prepaid tuition higher education investment contracts, the Maryland Prepaid
Tuition Higher Education Investment Program Board shall solicit an opinion letter from
the United States Securities Exchange Commission, concerning the application of federal
security laws to the Maryland Prepaid Tuition Higher Education Investment Program.
SECTION 5. AND BE IT FURTHER ENACTED, That any efforts undertaken by
the Maryland Higher Education Investment Program Board to market the Maryland
Higher Education Investment Program must include full disclosure that the contract
entered into under the provisions of this Act does not guarantee that the earnings of the
assets invested in the Program will generate the difference between the projected costs of
tuition under the contract and the actual costs at the time of enrollment.
SECTION 5. 6. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 1997 July 1, 1997.
Approved April 29, 1997.
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